David Geake Embroiled in Multiple Investor Disputes

Publicly available records maintained by the Financial Industry Regulatory Authority (FINRA) and accessed on October 21, 2021 indicate that Chicago-based American Trust Investment Services broker/adviser David Geake has received several resolved or pending customer disputes. The investor advocates at MDF Law are interested in hearing from investors who have complaints regarding Mr. Geake (CRD# 3088891).

Multiple FINRA Complaints Involving David Geake

According to his BrokerCheck report[1], he has received four customer complaints and four pending customer complaints[2]. He was also “permitted to resign” from his position at Ausdal Financial Partners in 2018 in connection to allegations he participated in an undisclosed private securities transaction.

In 2021 a party of customers alleged that David Geake, while employed at Madison Avenue Securities, recommended unsuitable alternative investments, including Hospitality Investors Trust. The customers are seeking $750,000 in damages in the pending complaint, which concerns multiple advisers.

In 2021 alleged that David Geake, while employed at Madison Avenue Securities, Ausdal Financial Partners, and American Trust Investment Services, breached his fiduciary duty, recommended unsuitable investments, and failed in his supervisory duties. The customer is seeking unspecified damages in the pending complaint.

In 2021 alleged that David Geake, while employed at Madison Avenue Securities, recommended unsuitable alternative investments. The customer is seeking between $500,000 and $1,000,000 in damages in the pending complaint.

In 2020 a customer alleged that while registered with Ausdal Financial Partners, he failed in his supervisory duties. The complaint settled for $560,000.

In 2020 a customer alleged that while associated with Madison Avenue Securities, he failed to conduct due diligence, recommended an unsuitable investment, over-concentrated the account, and made misrepresentations and omissions of material facts in connection to alternative investments. The complaint settled for $20,000.

In 2017 a customer alleged that while associated with Madison Avenue Securities, he made unsuitable recommendations, misrepresented material facts, breached his fiduciary duty, and committed securities fraud in connection to investments, in fixed annuities and real estate securities. The complaint settled for $40,000.

In 2011 a customer alleged that while affiliated with Madison Avenue Securities, he over-concentrated the account in unsuitable real estate investment trusts and misrepresented material facts. The complaint settled for $140,000.

Illinois Based Geake Previously Registered with Ausdale Financial

David Geake has 22 years of experience in the securities industry and has been registered with American Trust Investment Services in Chicago, Illinois since 2018. His previous registrations include Ausdal Financial Partners in Northbrook, Illinois (2016-2018); Madison Avenue Securities in Northbrook, Illinois (2007-2015); Madison Avenue Advisors in Skokie, Illinois (2007-2009); American General Securities in Skokie, Illinois (2002-2006); and Franklin Financial Services Corporation in Houston, Texas (1998-2002). He has passed six securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination), received on March 3, 1999; Series 63 (Uniform Securities Agent State Law Examination), received on August 3, 1998; SIE (Securities Industry Essentials Examination), received on October 1, 2018; Series 7 (General Securities Representative Examination), received on May 25, 1999; Series 6 (Investment Company Products/Variable Contracts Representative Examination), received on August 6, 1998; and Series 24 (General Securities Principal Examination), received on August 12, 1999. He holds securities registrations in California, Georgia, Illinois, Indiana, Maryland, Michigan, Minnesota, Nevada, and New York.

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